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BTC $41858.29 (-4.4%)
ETH $2897.12 (-6.2%)
USDT $1.00 (-0.0%)
BCH $485.78 (-3.8%)
BSV $127.32 (-0.8%)
LTC $144.71 (-5.2%)
BNB $335.02 (-4.5%)
ADA $2.11 (-5.4%)
DOGE $0.19 (-3.2%)

Crypto Analyst: 2.1 Billion USDT Transferred Into Crypto Exchanges

Crypto Analyst 2.1 Billion USDT Transferred Into Crypto Exchanges
  • A crypto analyst said crypto enthusiasts should get ready for the BTC pump.
  • Glassnode data show that 2.1 billion USDT transferred into crypto exchanges.

According to a Twitter account, LilMoonLambo, crypto enthusiasts should get ready for the BTC pump. LilMoonLambo is a Bitcoin and crypto analyst as well as investor and content creator.

The crypto analyst tweeted data from Glassnode showing Tether USDT Net Transfer volume from/to Exchanges. Net Transfer volume is the difference of in volume flowing into exchanges and out of exchanges. Further, the exchange metrics are based on Glassnode labeled data of exchange addresses.

More so, the data show 2.1 billion USDT transferred into crypto exchanges. This triggered many people to wonder if this is a sign of a crypto bull market again.

In addition, a Twitter account replied to LilMoonLambo. He said that Tether could be used to short the market. Moreover, he added that it is insignificant to use Tether inflows as a sign for pumping anymore since almost all main exchanges offer futures.

Also, another user said that this could be just an internal transfer for an exchange. But it happens that this user is right. A crypto analyst William Clemente III also tweeted about it. But he apologized for sharing the wrong info to his followers about the transfer.

More so, he said he is sorry to crash the party. But he will double check with Glassnode next time before posting any major inflow/outflow.

According to CoinMarketCap, the volume of all stable coins is now $71.03B, which is 81.22% of the total crypto market’s 24-hour volume.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.